BL Premium reports that Cosatu has submitted an urgent request to Finance Minister Tito Mboweni to issue an emergency directive allowing employed workers who are members of retirement funds to access a part of their savings on a once-off basis.  

This would be to supplement Covid-19 Temporary Employer-Employee Relief Scheme (Ters) benefits.  Ordinarily, such a measure would have required a change in legislation, but the country was under a state of disaster such an intervention could be made possible through the gazetting of regulations, the union federation’s Bheki Ntshalintshali argued on Monday.  The matter has also been referred to Nedlac for consideration on an urgent basis.  Since the lockdown began in March, many employees have had their salaries cut — some by more than half.  Other workers have had their contributions to retirement funds and medical aid schemes, among other employment benefits, withheld as companies struggle to keep afloat.  Ntshalintshali warned that if urgent additional income during the Covid-19 pandemic was not secured for working-class families, it might result in high levels of indebtedness and social unrest.  Ntshalintshali stated:  “There is no reason Cosatu members should suffer during the pandemic when they have enough of their own resources to draw on.”

• Read the full original of the report in the above regard by Luyolo Mkentane at BusinessLive (paywall access only)

Get other news reports at the SA Labour News home page